The blockchain-powered trade platform Trade IX has raised $16 million in a funding round led by ING Ventures and BNP Paribas, joined by Tech Mahindra and Norwegian investment firm Kistefos.
The investment will be primarily utilized to develop TradeIX’s platform and also customer acquisition.
The UK based fintech says that its decentralized API-powered platform connects with existing trade platforms and applications to give a transparent, faster and more efficient trading experience.
“TradeIX operates via an open platform and ‘open’ is what ING thinks the future of financial services is going to be. On top of that, we see a lot of opportunity in distributed ledger technology, so we’re happy to announce we are now intensifying our cooperation with TradeIX,”: says Mark Buitenhek, head of transaction services, ING.
Jacques Levet, head of transaction banking, BNP Paribas, adds: “We believe that TradeIX is at an inflection point, and look forward to working with the team to deliver several new innovations that we believe will fundamentally change how banks are offering and managing trade finance solutions for their corporate clients.”